IDEXX Laboratories Sees Higher Earnings, Revenues In FY23 - Update

(RTTNews) - Pet healthcare firm IDEXX Laboratories, Inc. (IDXX), while announcing higher fourth-quarter results, on Monday issued forecast for fiscal 2023, higher than the prior year.

For fiscal 2023, the company projects earnings per share of $9.27- $9.75, an increase of 16 percent to 21 percent as reported and 19 percent to 26 percent on a comparable basis.

On average, 11 analysts polled by Thomson Reuters expect earnings of $9.5 per share for the year. Analysts' estimates typically exclude special items.

The earnings projection includes around 10 percent growth benefit from lapping discrete R&D investments in 2022.

Revenue for the year is expected to be $3.59 billion to $3.69 billion, reflecting reported growth of 6.5 percent to 9.5 percent and organic growth of 7 percent to 10 percent.

Analysts expect revenues of $3.62 billion for the year.

In fiscal 2022, earnings per share were $8.03 on revenues of $3.37 billion.

The company's fourth-quarter earnings increased from last year and beat the Street estimates.

The bottom line came in at $172.21 million, or $2.05 per share, up from $162.77 million, or $1.89 per share last year.

Comparable earnings per share were $2.07, compared to $1.81 last year.

Analysts expected the company to earn $1.94 per share.

The company's revenue for the quarter rose 3.4 percent to $828.57 million from $801.09 million last year. Analysts expected revenues of $820.91 million.

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